TOMS RIVER, NJ – New Jersey Department of Banking and Insurance Acting Commissioner Ken Kobylowski on Wednesday spoke with a group of approximately 95 senior citizens at the Toms River Senior Center about life insurance, long term care insurance, annuities and reverse mortgages.

“Don't be bashful about asking questions and continuing to ask questions about any financial product you are interested in,” Acting Commissioner Kobylowski told the group. “Ask questions until you understand fully what has been presented to you."

The Acting Commissioner also provided tips on how to avoid being a victim of fraud.

“When you don't fully understand a financial product being presented to you, tell the seller ‘No thank you’ until you can go over the information with someone you trust. Often times, older consumers are targeted and taken advantage of by fraudsters,” he said. “If a financial product sounds too good to be true, most likely, it probably is.”

Acting Commissioner Kobylowski, who was introduced by Stephen Scaturro, director of the Ocean County Department of Consumer Affairs, addressed the group as part of the Department’s ongoing financial literacy program for senior citizens.

For the last six years, the Department has been conducting financial literacy presentations to high school students and discussing such things as how credit cards work, personal budgeting and the importance of savings. The Department began conducting financial literacy programs for senior citizens in May. The program, designed by the Department specifically for seniors, will continue throughout the State, and will complement the Department’s ongoing financial literacy outreach to high school students.

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